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 Sean Smith, Sales Representative
Royal LePage Real Estate Services Ltd., Brokerage
1391 Bayview Avenue, Toronto, ON M4G 3A6
Office: (416)424-4900 Toll Free: (877)424-4930
Cell: (416)885-1687 Fax: (416)424-4930
Email: seansmith4homes@royallepage.ca _____________________________________________________________ |
Land Transfer Tax
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Purchasers in most large Canadian centres can add Land Transfer Taxes to their list of closing costs.
Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, land transfer taxes (or property purchase tax) are a basic fact of life. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from one half of one per cent to two per cent of the total value of the property.
Many provinces have multi-tiered taxation systems that can prove complicated. If you purchase a property for $260,000 in Ontario, for example, .5 per cent is charged on the first $55,000, 1 per cent is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5 per cent. Your total tax bill? $2,375.00.
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The following chart illustrates Land Transfer Taxes by province.
| ONTARIO |
Land Transfer Tax ( go to calculator )
Up to $55,000 X .5 % of total property value
From $55,000 to $250,000 X 1 % of total property value
From $250,000 to $400,000 X 1.5 % of total property value
From $400,000 up X 2 % of total property value |
| BRITISH COLUMBIA |
Property Purchase Tax
Up to $200,000 X 1 % of total property value
From $200,000 up X 2 % of total property value |
| MANITOBA |
Land Transfer Tax
Up to $30,000 N/A
From $30,000 to $90,000 X .5 % of total property value
From $90,000 to $150,000 X 1 % of total property value
From $150,000 up X 1.5 % of total property value |
| QUEBEC |
Transfer Tax
Up to $50,000 X .5 % of total property value
From $50,000 to $250,000 X 1 % of total property value
From $250,000 up X 1.5 % of total property value |
| NOVASCOTIA |
| Land Transfer Tax |
| Halifax Metro |
| 1.5 per cent on total property value |
| Outside Halifax County |
| Check with local municipality. |
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